Fresh demand for Yen in early Europe, pushed the USD/JPY pair to a near its hourly 100-MA and fresh daily low of 113.50 levels. Carry unwind resumes The major European equity index futures and US equity index futures are pointing to a moderate risk-off ahead of the Fed minutes release. This means carry unwind may resume, hence, the bid tone around JPY has gathered pace in early Europe. At 113.50, the spot is just a few pips away from its hourly 100-MA located at 113.44 levels. Japanese PM Advisor’s was on the wires earlier today stating the BOJ may increase stimulus in March. However, the jawboning attempt failed as Yen extended gains in early Europe. USD/JPY Technical Levels The immediate support is seen at 113.44 (hourly 100-MA), under which the losses could be extended to 113.12 (Feb 10 low). On the other hand, a break above 114.16 (100% Fibo expansion of May high-Aug low-Nov higher) would open doors for a re-test of 10-DMA at 114.58. For more information, read our latest forex news.